Treasury Secretary Janet Yellen has warned that the United States is facing an “economic catastrophe” if the ruling class waits “until the last minute” to raise the debt ceiling. A default on the nation’s debt would be “disastrous,” according to Yellen.
During a meeting with business executives from California on Tuesday, Yellen warned that a default would result in job losses and push household payments on mortgages and credit cards higher. The Treasury secretary insisted it was a “basic responsibility” of Congress to increase or suspend the $31.4 trillion borrowing cap.
“A default on our debt would produce an economic and financial catastrophe,” she said, adding: “A default would raise the cost of borrowing into perpetuity. Future investments would become substantially more costly,” Yellen was quoted as saying by RT.
She also took to further fear-mongering claiming that U.S. businesses would face deteriorating credit markets and the government would likely be unable to issue payments to military families and seniors who rely on Social Security. “Congress must vote to raise or suspend the debt limit. It should do so without conditions. And it should not wait until the last minute,” she urged.
Somehow, Yellen and the other political parasites that claim the right rule everyone else will still get paid though. Not one single politician’s salary is under threat.
In January, the Treasury Department notified Congress of the start of “extraordinary measures” that would allow the government to continue paying its obligations until early June, as the US reached its $31.4 trillion debt limit. Yellen then called on lawmakers to “act promptly” to increase borrowing limits in order to avoid a default.
Using fear to retain power is nothing new. We need to break free from the illusion. No ruling class would mean no masters and no slaves.
It’s time to free our minds.